Question

Topic: Business Ethics
1. Introduction (50 words)
2. Why Business ethics is important (100 words)
3. How Business ethics bring success for an organization (150 words)
4. Examples (100 words)
5. Conclusion (50 words)
.
Note: Plagiarism is strictly prohibited please do not copy from internet

Answer 1

1. Introduction

The word ethics springs from the Greek word ‘ethos’, which suggests character. Ethics could be a branch of philosophy involved with human character and conduct. it's the discipline coping with ‘what is sweet and bad’ and with ethical duty and obligation. Ethics is that the embodiment of ethical values, that describes what is ‘right’ and what's ‘wrong’ in human behavior and what ‘ought to be’.

Ethics could be a “consideration and application of frameworks, values, and principles for developing ethical awareness and guiding behavior and action”. Commonly, ethics is additionally observed as “moral, good, right, simple and honest. moral standards square measure observed because of the principles or ideals of human conduct.” Thus, ethics implies sensible character and morality and refers to typically accepted human character and behavior thought-about as fascinating by up to date society.

2. Importance of Business ethics

Since business exists and operates among society and could be a part of a system of society, its functioning should contribute to the welfare of society. To survive, develop and surpass, the business should earn social sanction of the society whereby it exists and functions.

Without social sanctions, a business cannot earn loyal customers, cannot operate within the marketplace and can shortly wither and fall. George A. Steiner, in ‘Business & Society’, says –

“The managers of the largest corporations recognize that as a business gets larger, the general public takes a lot of interest in it as a result of it's a larger impact on the community. The antennae of those managers square measure tuned to opinion and that they react to that. They ask to take care of the correct image of their company within the public mind. This results in the idea of larger social responsibilities.”

3. Business ethics for a successful organization as :

• Protect the essential rights of the employees/workers.
• Follow health, safety, and environmental standards.
• Continuously improvise the merchandise, operations and production facilities to optimize the resource consumption
• Do not replicate the packaging vogue therefore on mislead the customers.
• Indulge in truthful and reliable advertising.
• Strictly adhere to merchandise safety standards.
• Accept new ideas. Encourage feedback from each staff similarly to customers.
• Present factual info. Maintain correct and true business records.
• Treat everybody (employees, partners, and customers) with respect and integrity.
• The mission and vision of the corporate ought to be clear to that.
• Do not get engaged in business relationships that result in conflicts of interest. Discourage black promoting, corruption and sign.
• Meet all the commitments and obligations timely.
• Encourage free and open competition. don't ruin competitors’ image by dishonest practices.
• The policies and procedures of the corporate ought to be updated often.
• Maintain confidentiality of private knowledge and proprietary records command by the corporate.
• Do not settle for kid labor, forced labor or the other rights abuses.

4. Example

The Ford Motor Company decided to produce the first lowest-priced car in the USA. The Company President Mr. Lee Lacocca wanted to rush the development of a car costing less than $2,000, as he promised the public that his company will bring out a car at that price (as low as $2,000) and also fight the growing popularity of Volkswagen’s Beetle. Preliminary tests showed that it involved an additional cost of $11 to enhance the safety of the car.

He organized a meeting of company executives to decide how to reduce the cost below $2,000. Many executives suggested that the company should sell the car at $2,011 but include the safety feature. Some executives thought that the company should sell the car at $2,000 as promised but exclude the safety feature. The company decided to go ahead without the safety feature.

The car was released and sold at $2,000. After six months of release, one of the cars was involved in an accident killing all the passengers. Competitors influenced newspapers to publish this accident and the newspapers in the U.S.A. highlighted the absence of the safety feature. This incident resulted not only in the loss of sales but also in the closure of the unit resulting in a loss of $250 million to the company.

This case indicates that business should consider ethical principles while making decisions to achieve its basic objective of survival. Thus, competition forces businesses to conduct their business ethically. Increasing literacy, the widespread use of information technology and declining seller's markets after globalization reduce the scope for debating on the need for conducting business ethically.

5. CONCLUSION

Having completed this, a lot of and a lot of business organizations ar these days accepting business ethics as half and parcel of their daily business conduct. And to their amazement and delight, they need found that being a moral Associate in Nursing ethics has given them a distinctive edge and advantage within the marketplace.

Moreover, their staff, executives and managers have felt proud to belong to such organizations. For, goodwill, loyalty real pride, and especially, mental peace, can't be calculated accurately in terms of money.

VALUE WITH YOUR FEEDBACKS.